Mumbai is India’s Richest City With a Total Wealth Around $820 billion According to New World Wealth Report
Mumbai is India’s richest city with its total wealth expected to be around $820 billion according to the New World Wealth report which was announced on Tuesday. The city is home to 46,000 millionaires and 28 billionaires.
An internal assessment of India’s richest suburbs shows that the most amount of wealth in Mumbai is held with people living in Bandra, Juhu, Goregaon, Parel, Worli and Palm Beach Road.
Delhi stands second with wealth worth $450 billion. It is also home to 23,000 millionaires and 18 billionaires. In Delhi, the most expensive suburbs are Westend Greens, Dera Mandi, Greater Kailash and Lutyens.
Officials who collated the data however allayed fears of wealth migration from India and told TOI in an interview “The outflow of high net worth individuals (HNWIs) from India is not particularly concerning as India is still producing far more new millionaires than they are losing. Also, once the standard of living in India improves, we expect several wealthy people to move back”.
India’s total wealth has been pinned at $6.2 trillion (as of December 2016). It is home to 264,000 millionaires and 95 billionaires in total.
India now the sixth richest country in the world worth $6200 billion – much richer that European giants like France and Italy and also Australia and Canada.
India recorded the second highest growth in overall wealth between the years 2015-16 – almost 12% while China’s wealth during this time increased by 10%, US 5% and Japan 6%.
UK’s wealth growth fell by 5%, France’s fell by 10, Italy’s by 10% and Germany by 6%.
Globally, as many as 82,000 millionaires (HNWIs) migrated in 2016, compared to just 64,000 in 2015 with Australia becoming the biggest gainers.